1. All these Company Appeals involve common and connected questions of law and fact. As such, they are being disposed of by this common judgment.

2. These four appeals represent two sets of cross appeals, one each by, Auduth Timblo (AT) being Company Appeal Nos. 1/2013 and 2/2013 and the other by his brother, Dilip Timblo (DT) being Company Appeal Nos. 7/2013 and 8/2013. It would be sufficient to set out the facts in Company Appeal No. 2/2013.

Background Facts:

3. The brief facts are that Sociedade de Fomento Industrial Private Limited (SFIPL), (Company, for short) is a Company registered under the Companies Act, 1956 (the Act, for short) with authorised share capital of Rs.1,00,00,000/-(Rupees One Crore only), divided into 50,000 equity shares of Rs.100/-each and 50,000 unclassified shares of Rs.100/-each. The paid up share capital is Rs.25,00,000/-(Rupees Twenty-Five Lakhs), divided into 25,000 equity shares of Rs.100/-each. The Company is in the business of extraction and sale of iron ore. The Company was incorporated by late Modu Timblo (MT), who was said to be a pioneer in Mining Industries in Goa. Modu Timblo died on 08.01.1993. Smt. Sushilabai Modu Timblo (ST) is